Earnings Growth at S&P 500 Firms Outpaced NIPA Corporate Profits in 1999 and 2000 But Fell More Sharply in 2001

Year:Quarter

Year-over-Year Growth in Earnings from Continuing Operations at S&P 500 Firms

Year-over-Year Growth in Corporate Profits as Measured by the National Income and Product Accounts (NIPA)

96:Q1

7.8%

16.94%

96:Q2

10.1%

14.20%

96:Q3

5.5%

8.98%

96:Q4

11.8%

11.35%

97:Q1

15.1%

8.39%

97:Q2

11.0%

10.29%

97:Q3

11.8%

13.68%

97:Q4

8.5%

9.91%

98:Q1

3.8%

-1.39%

98:Q2

3.5%

-6.78%

98:Q3

-3.1%

-8.90%

98:Q4

6.0%

-9.60%

99:Q1

10.5%

2.64%

99:Q2

14.7%

4.22%

99:Q3

22.7%

0.78%

99:Q4

21.4%

6.99%

00:Q1

23.6%

-0.07%

00:Q2

21.6%

0.65%

00:Q3

18.4%

-0.04%

00:Q4

3.2%

-9.09%

01:Q1

-6.1%

-12.52%

01:Q2

-17.0%

-10.64%

01:Q3

-21.6%

-12.76%

01:Q4

-21.5%

8.23%

02:Q1

-11.5%

12.89%

02:Q2

1.4%

8.71%

Source: Thomson First Call; Bureau of Economic Analysis; Economy.com; FDIC